In a bid to promote tax compliance, the Zimbabwe Revenue Authority (ZIMRA) has introduced a 30-day voluntary disclosure offer targeting individuals and firms who have underreported revenue in their tax submissions. The initiative is aimed at encouraging taxpayers to rectify their tax discrepancies by disclosing additional revenue related to properties valued at US$100,000 or more, purchased assets, luxury vehicles, gold trading, private jets, and more.
ZIMRA emphasized that the voluntary disclosure offer provides an opportunity for taxpayers to come forward and meet their tax obligations without triggering audits. Taxpayers are required to provide detailed schedules outlining outstanding taxes, complete pending tax returns, and settle the owed taxes or arrange payment plans with the authority.
The voluntary disclosure window is open for 30 days from the date of the announcement, after which non-compliance cases will be addressed in accordance with the law. Taxpayers who fail to take advantage of this opportunity may face penalties and interest charges, as specified by law.
ZIMRA highlighted several categories of taxpayers who are eligible for the voluntary disclosure, including individuals who have constructed houses valued at US$100,000 or more, those involved in gold trading and mineral sales, luxury vehicle owners, private jet owners, and agents of Zimbabwean manufactured goods.
The disclosed taxes encompass various types, such as Value Added Tax (VAT), Income Tax, Capital Gains Tax, and PAYE (Pay As You Earn). While the voluntary disclosure offer provides a temporary window for taxpayers to rectify their tax discrepancies, ZIMRA reiterates the importance of meeting tax requirements for income earned through business or trade.
Individuals and companies interested in participating in the voluntary disclosure offer are urged to submit their applications to the nearest ZIMRA offices within the 30-day timeframe. The authority emphasizes that timely action is crucial to avoid potential legal consequences.
As ZIMRA launches this initiative, it signals a concerted effort to foster greater tax compliance and accountability within Zimbabwe’s economic landscape.